Ashcombe is pleased to announce that it has advised the shareholders of Pelican Procurement Services Limited on the sale of the company to Aramark, the American food services and facilities business.
Pelican, founded by March Hancock 28 years ago, has grown organically to become one of the leading procurement businesses in the UK hospitality sector.
The acquisition by Aramark, the NYSE listed business with a market cap of over $9bn, will provide Pelican with a home where it will to continue to grow with the backing of a group which has deep industry relationships.
March Hancock, founder of Pelican commented, “Ashcombe helped us negotiate and structure a deal with Aramark that not only crystallises value for me and my family, but also provides a great home for the business. I am delighted with the result, and grateful for the way Ashcombe helped us realise our ambitions.”
Simon Bullivant, Founding Partner of Ashcombe, added: “Working with owner / founders is a speciality of ours and we understand how important it is to find a good home for what they have created, as well as maximise the value for the founders.”